Brent crude hits a 4-month high at $81 as sanctions disrupt Russian oil exports. Geopolitical tensions tighten supplies, pushing markets into backwardation.
Oil prices have hit a four-month high due to a fresh wave of US sanctions on Russia's energy industry, threatening to crimp supplies. The jump in prices may also provide a challenge for central bankers if it leads to stickier inflation.
Asian markets tumble as hawkish Fed signals and US-China trade tensions weigh on sentiment.
Goldman Sachs Global Commodities Research co-head Daan Struyven unpacks the impact of sanctions on the Russian oil industry on 'The Claman Countdown.'
Oil rose in early Asian trade in the wake of more data signaling a strong U.S. economy.
Oil prices hit their highest level in more than three months on Monday's open, extending their rally on expectations that wider U.S. sanctions will affect Russian crude supplies to the world's top and third largest importers China and India.
Cold weather and record LNG exports drive natural gas prices higher. Surging demand tightens supply, signaling a bullish start for the market on Monday.
The oil market has rallied after consolidating at the long-term support and has reached the short-term resistance area.
Hungary plans to hold talks with regional allies to counter the impact of higher oil prices resulting from a new round of US sanctions on Russia's oil and gas sector, Hungarian Foreign Minister Peter Szijjarto said on Sunday.
Supply risks from Russia sanctions, OPEC cuts, and China's demand optimism fuel a bullish crude oil outlook. Discover what's driving prices higher.
David Zervos, Jefferies Chief Market Strategist and Bob Elliott, Unlimited CEO, joins 'Closing Bell Overtime' to talk the day's market action.
Oil prices rose Friday, touching prices last seen in the fall, as traders digested further U.S. sanctions on Russia.